Discount Window Treatment -

Olivier Armantier, Marco Cipriani, and Asani Sarkar

Stigma surfaced eight months before the 2023 regional banking crisis and has not significantly subsided since. Other Key Research Papers discount window treatment

Federal Reserve Bank of New York Staff Report No. 1137 (Revised March 2026) Key Findings: Olivier Armantier, Marco Cipriani, and Asani Sarkar Stigma

If you are looking for a comprehensive research paper on this topic, the most recent and authoritative study is: even with policy changes.

(2025): Uses laboratory experiments to show that once a facility is stigmatized, it is extremely difficult to "cure" that perception, even with policy changes.